41 S Cypress Ave · Columbus, OH 43222

$195,000

3 bd · 2.0 ba · 1,745 sqft · MultiFamily public records · 424 Days on market

Built 1915 3,920 sqft lot $112/sqft · 24% below area

---

Why this score? — see what drove the D+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +11.0/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• 1% rule +3.5/10.0
• DSCR +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Unique rehab opportunity in Franklinton, perfect for an investor looking to buy and hold or flip! This property features a 1,745 square foot main home with 3 beds and 2 full baths, with a new roof, windows, siding, gutters, plumbing, and large rear deck. Property also includes a newly rebuilt carriage house, featuring two car garage and 1 bed/1 bath upstairs unit with 960 square feet of living space. Easy to see, schedule today!

Key facts

• New plumbing
• New roof
• New windows

Tags

• NEW ROOF
• NEW WINDOWS
• NEW PLUMBING
• LARGE REAR DECK
• NEWLY REBUILT CARRIAGE HOUSE

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $195k.

Deal economics

• At list price, monthly cash flow is $-81 ($-966/yr) — negative.
• To cash-flow at today's rent, offer at most $181k (7.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $166k (15.1% below list).
• Recommended offer: $166k (15.1% below list) — sets the bar for 1% rule.
• Cap rate 5.8% vs local median 3.8% in Columbus — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 81/100 on livability (#97 in OH, #1,491 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: employment C-, crime F.
• Columbus City School District (urban): math 15% / reading 26% proficiency, ranked #626 of 656 in OH (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 72% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 50 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 8,139 units permitted in Franklin County in 2024 (5,940 in 5+ unit buildings).
• At $1,655/mo this rent would consume 61% of the median local household income ($32k/yr) (locally 126% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $21k of equity ($1k loan paydown + $20k appreciation (10.0% local appreciation)).
• Franklin County population projected at +34% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $55k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 424 days — a 12% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $65k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $139k; 40% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $165,547 (15.1% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 424 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
3. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.85% ✗
• Cap rate: 5.80%
• Cash-on-cash: -1.77%
• DSCR: 0.92
• GRM: 9.8

CMA / ARV

• ARV (median comp): $397,295
• List price: $195,000
• Delta: -50.92%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
40 Wisconsin Ave	0.21mi	3/—	1,592 (-9%)	12mo	$110,000	$69	66
52 N Yale Ave	0.18mi	4/— (+1)	1,920 (+10%)	9mo	$220,000	$115	62
118 Rodgers Ave	0.26mi	2/— (-1)	1,652 (-5%)	17mo	$138,000	$84	60
202-204 S Princeton Ave	0.35mi	4/— (+1)	1,836 (+5%)	14mo	$171,000	$93	59
120-122 Dakota Ave	0.15mi	4/2.0 (+1)	1,939 (+11%)	14mo	$293,000	$151	58
218-220 S Yale Ave	0.28mi	4/— (+1)	1,980 (+14%)	3mo	$192,000	$97	57
270-272 S Yale Ave	0.34mi	4/— (+1)	1,560 (-11%)	14mo	$275,000	$176	50
54-56 Brehl Ave	0.39mi	4/— (+1)	1,984 (+14%)	6mo	$259,900	$131	49
1340-1342 W State St	0.37mi	4/— (+1)	1,488 (-15%)	8mo	$235,000	$158	47
266-288 S Yale Ave	0.34mi	4/— (+1)	1,560 (-11%)	20mo	$270,000	$173	45
153 Hayden Ave #155	0.49mi	4/— (+1)	2,006 (+15%)	11mo	$188,500	$94	38

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 23.0%
• Equity multiple: 2.85×
• Total profit: $101,124
• Equity at exit: $175,671

10-year hold

• IRR: 20.6%
• Equity multiple: 6.53×
• Total profit: $301,926
• Equity at exit: $378,842

Cash invested: $54,600 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 73 Landlord-Friendly
• State Ohio: 73 Landlord-Friendly · R+6
• County: — inherits STATE
• City: — inherits STATE

3-day notice; Cleveland / Columbus have some habitability code enforcement; otherwise landlord-leaning.

Methodology + full state rankings →

ZIP-level market 43222

• Active inventory: 50
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $1,655 high
• Mortgage (P&I): −$1,023
• Tax from tax record: −$284 /mo · $3,414/yr
• Insurance: −$81
• HOA: −$0
• Vacancy / Maint / Mgmt: −$348
• Net cashflow: $-81

Break-even live

Break-even rent $1,757

Max offer price $180,777

Occupancy floor 100%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $48,750
• Closing costs: $5,850
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
135-137 Dakota Ave Unit 135 Columbus, OH	3.0	1.5	2200	$1,800	$0.82	43d	1	0.14mi
153 S Cypress Ave Columbus, OH	3.0	1.0	1472	$1,650	$1.12	7d	1	0.16mi
125 Avondale Ave Columbus, OH	3.0	1.5	1344	$1,695	$1.26	43d	1	0.17mi
158 Dakota Ave Columbus, OH	4.0	2.0	1800	$2,045	$1.14	7d	1	0.18mi
76 Rodgers Ave Columbus, OH	3.0	1.5	1422	$1,695	$1.19	23d	1	0.19mi
185 S Cypress Ave Columbus, OH	2.0	1.0	1104	$1,695	$1.54	43d	1	0.20mi
85 N Yale Ave Columbus, OH	3.0	1.0	1215	$1,100	$0.91	19d	1	0.24mi
85 N Yale Ave Columbus, OH	3.0	1.0	1215	$1,100	$0.91	7d	1	0.24mi
60 Martin Ave Columbus, OH	3.0	2.0	1807	$1,650	$0.91	23d	1	0.25mi
189 W Park Ave Unit 189 Columbus, OH	3.0	2.0	1276	$1,395	$1.09	7d	1	0.33mi
162 Wisconsin Ave Columbus, OH	4.0	2.5	1930	$1,900	$0.98	43d	1	0.34mi
121 Chicago Ave Columbus, OH	2.0	2.0	1234	$1,550	$1.26	43d	1	0.36mi
129 Chicago Ave Columbus, OH	2.0	2.5	1260	$1,895	$1.50	23d	1	0.37mi
51 N Princeton Ave Columbus, OH	3.0	1.0	1188	$1,175	$0.99	23d	1	0.38mi
827 W Rich St Unit 827 Columbus, OH	2.0	1.0	1078	$1,175	$1.09	23d	1	0.44mi
821 W Rich St Unit 821 Columbus, OH	2.0	1.0	1078	$1,175	$1.09	23d	1	0.45mi
120 S Central Ave Columbus, OH	1.0–3.0	1.0–2.0	944	$1,295	$1.37	14d	12	0.47mi
378 Hawkes Ave Columbus, OH	3.0	2.0	1200	$1,649	$1.37	23d	1	0.52mi
163 N Central Ave Columbus, OH	2.0	2.5	1100	$1,650	$1.50	43d	1	0.57mi
741 Sullivant Ave Columbus, OH	2.0	1.5	1250	$1,290	$1.03	23d	1	0.60mi
137 N Guilford Ave Columbus, OH	4.0	2.0	1456	$1,850	$1.27	43d	1	0.64mi
622 W State St Columbus, OH	2.0	2.0	1200	$2,190	$1.82	17d	1	0.64mi
58 Stevens Ave Columbus, OH	3.0	1.0	1176	$1,250	$1.06	43d	1	0.64mi
32 Schultz Ave Columbus, OH	3.0	1.0	1218	$1,250	$1.03	21d	1	0.70mi
257 S Skidmore St Columbus, OH	3.0	2.0	1224	$1,895	$1.55	43d	1	0.73mi
394 S Guilford Ave Columbus, OH	3.0	1.5	1404	$1,450	$1.03	7d	1	0.73mi
274 S Skidmore St Columbus, OH	2.0	1.0	1402	$1,695	$1.21	43d	1	0.76mi
285 S Gift St Columbus, OH	3.0	2.0	1641	$1,700	$1.04	15d	1	0.79mi
285 S Gift St Columbus, OH	3.0	2.0	1641	$1,700	$1.04	23d	1	0.79mi
228 Schultz Ave Unit 1407024P Columbus, OH	4.0	1.5	1991	$6,208	$3.12	14d	1	0.79mi
501 W Broad St Columbus, OH	3.0	1.0–2.5	1166	$3,599	$3.09	43d	15	0.81mi
501 W Broad St Columbus, OH	3.0	1.0–2.5	1166	$3,649	$3.13	1d	52	0.81mi
509 W Rich St Columbus, OH	2.0	1.0–2.0	870	$2,370	$2.72	7d	76	0.83mi
433 W Broad St Columbus, OH	2.0	1.0–2.0	975	$3,371	$3.46	1d	35	0.91mi
432 Catherine St Columbus, OH	3.0	1.0	1073	$1,325	$1.23	14d	1	0.98mi
432 Catherine St Columbus, OH	3.0	1.0	1073	$1,325	$1.23	12d	1	0.98mi
713 Canonby Pl Unit B Columbus, OH	3.0	1.5	1200	$1,095	$0.91	3d	1	0.98mi
713 Canonby Pl Apt E Columbus, OH	3.0	1.5	1200	$1,095	$0.91	43d	1	0.98mi
401 W Rich St Columbus, OH	1.0–2.0	1.0–2.0	957	$2,383	$2.49	1d	18	1.00mi
749 Canonby Pl Apt E Columbus, OH	3.0	1.5	1200	$1,095	$0.91	17d	1	1.01mi

Listing history 29 events

1. 2026-06-18
   days on market $195,000 Active 424 DOM
2. 2026-06-17
   days on market $195,000 Active 423 DOM
3. 2026-06-16
   days on market $195,000 Active 422 DOM
4. 2026-06-15
   days on market $195,000 Active 421 DOM
5. 2026-06-13
   days on market $195,000 Active 419 DOM
6. 2026-06-13
   days on market $195,000 Active 418 DOM
7. 2026-06-09
   days on market $195,000 Active 415 DOM
8. 2026-06-08
   days on market $195,000 Active 414 DOM
9. 2026-06-07
   days on market $195,000 Active 413 DOM
10. 2026-06-05
    days on market $195,000 Active 410 DOM
11. 2026-06-03
    days on market $195,000 Active 409 DOM
12. 2026-06-02
    days on market $195,000 Active 408 DOM
13. 2026-06-02
    price $195,000 Active 407 DOM
14. 2026-06-01
    days on market $200,000 Active 407 DOM
15. 2026-05-31
    days on market $200,000 Active 406 DOM
16. 2026-01-13
    price $200,000 432-char remark

    Show marketing remark (432 chars)

    Unique rehab opportunity in Franklinton, perfect for an investor looking to buy and hold or flip! This property features a 1,745 square foot main home with 3 beds and 2 full baths, with a new roof, windows, siding, gutters, plumbing, and large rear deck. Property also includes a newly rebuilt carriage house, featuring two car garage and 1 bed/1 bath upstairs unit with 960 square feet of living space. Easy to see, schedule today!

17. 2026-01-13
    status Active 432-char remark

    Show marketing remark (432 chars)

    Unique rehab opportunity in Franklinton, perfect for an investor looking to buy and hold or flip! This property features a 1,745 square foot main home with 3 beds and 2 full baths, with a new roof, windows, siding, gutters, plumbing, and large rear deck. Property also includes a newly rebuilt carriage house, featuring two car garage and 1 bed/1 bath upstairs unit with 960 square feet of living space. Easy to see, schedule today!

18. 2025-10-30
    historical 432-char remark

    Show marketing remark (432 chars)

    Unique rehab opportunity in Franklinton, perfect for an investor looking to buy and hold or flip! This property features a 1,745 square foot main home with 3 beds and 2 full baths, with a new roof, windows, siding, gutters, plumbing, and large rear deck. Property also includes a newly rebuilt carriage house, featuring two car garage and 1 bed/1 bath upstairs unit with 960 square feet of living space. Easy to see, schedule today!

19. 2025-07-28
    price $225,000 432-char remark

    Show marketing remark (432 chars)

    Unique rehab opportunity in Franklinton, perfect for an investor looking to buy and hold or flip! This property features a 1,745 square foot main home with 3 beds and 2 full baths, with a new roof, windows, siding, gutters, plumbing, and large rear deck. Property also includes a newly rebuilt carriage house, featuring two car garage and 1 bed/1 bath upstairs unit with 960 square feet of living space. Easy to see, schedule today!

20. 2025-02-04
    listed $260,000 Active 432-char remark

    Show marketing remark (432 chars)

    Unique rehab opportunity in Franklinton, perfect for an investor looking to buy and hold or flip! This property features a 1,745 square foot main home with 3 beds and 2 full baths, with a new roof, windows, siding, gutters, plumbing, and large rear deck. Property also includes a newly rebuilt carriage house, featuring two car garage and 1 bed/1 bath upstairs unit with 960 square feet of living space. Easy to see, schedule today!

21. 2022-03-09
    soldstatus $139,000
22. 2022-02-15
    soldstatus $127,500
23. 2022-01-24
    soldstatus $100,000
24. 2017-07-07
    soldstatus $30,000
25. 2011-10-11
    soldstatus $30,000
26. 1991-10-24
    soldstatus $19,100
27. 1991-10-24
    soldstatus $19,100
28. 1991-10-04
    soldstatus $13,600
29. 1990-12-21
    soldstatus $20,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast OH · Partial reset (capped growth)

• Current annual tax: $3,414 · $284/mo
• Projected year-2 tax: $3,414 · $284/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥100°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,866
• − Mortgage interest: −$10,923
• − Property taxes: −$3,414
• − Insurance: −$975
• − Repairs & maintenance: −$1,589
• − Management: −$1,589
• − Depreciation: −$5,673
• Taxable loss: −$4,297
• Est. tax savings @ 24.0%: +$1,031
• After-tax cash flow: $65/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Columbus City School District
• NCES district ID: 3904380
• Math proficiency: 15% ▼ -17.00%
• Reading proficiency: 26% ▼ -12.00%
• Median HH income: $38,483
• Composite: 17.19/100
• National rank: #9105
• State rank: #626 of 656 in OH

Livability — Columbus

• Score: 81/100
• State rank: #97
• US rank: #1491

Category grades

Amenities A- Commute A+ Cost of living A+ Crime F Employment C- Housing A+ Health & safety A- User ratings D

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Columbus, OH
• County: Franklin County · 1,351,780 people
• City population: 612,189
• Metro: Columbus, OH
• Population (ZIP): 4,819
• Household income: $32,321
• Rent vs Own: 66.4% rent · 33.6% own
• Severe rent burden: 126.0

Population outlook (Franklin County) Hauer SSP2

• Today (2025): 1,456,139 people
• By 2030: 1,556,890 · +6.9%
• By 2040: 1,757,349 · +20.7%
• By 2050: 1,950,539 · +34.0%
• By 2075: 2,376,171 · +63.2%
• By 2100: 2,636,796 · +81.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.71)
• Race & ethnicity: White 43% Hispanic / Latino 28% Two or more races 21% Black 18% Asian 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 16% Dominican 5%
• Common ancestry: Lithuanian 1% Slovak 1% Ukrainian 1%
• Foreign-born: 8% · Canada, South Korea
• Languages at home: 86% English-only · Spanish 11% Korean 1% Russian/Polish/Slavic 0%

Political lean MEDSL · Franklin

• 2024 margin: Strong D (+28.4) · D 63.7% · R 35.3% · Other 1.0%
• 2008→2024 swing: +7.7pp toward D · 2008: 20.7pp · 2024: 28.4pp
• All cycles: 2024: D+28.4 2020: D+31.4 2016: D+25.9 2012: D+21.7 2008: D+20.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 231.44%
• Current HPI: 654.0855
• Rent YoY: —
• Metro: Columbus, OH
• State GDP YoY: ▲ 1.98%
• F500 in state: 48

Industry mix (Fortune 500 HQ in OH)

Industry	F500 HQs	Revenue
▸Insurance	3	$145B
▸Industrial Machinery	3	$49B
▸Financial Services	3	$24B
▸Consumer Goods	2	$93B
▸Aerospace / Defense	2	$47B
▸Utilities	2	$33B

Price history

+900.0% since first listed

14 events — show timeline

• 2026-01-13 Price Changed $200,000 CBRMLS
• 2026-01-13 Relisted — CBRMLS
• 2025-10-30 Listing Removed — CBRMLS
• 2025-07-28 Price Changed $225,000 CBRMLS
• 2025-02-04 Listed $260,000 CBRMLS
• 2022-03-09 Sold (Public Records) $139,000 Public Records
• 2022-02-15 Sold (Public Records) $127,500 Public Records
• 2022-01-24 Sold (Public Records) $100,000 Public Records
• 2017-07-07 Sold (Public Records) $30,000 Public Records
• 2011-10-11 Sold (Public Records) $30,000 Public Records
• 1991-10-24 Sold (Public Records) $19,100 Public Records
• 1991-10-24 Sold (Public Records) $19,100 Public Records
• 1991-10-04 Sold (Public Records) $13,600 Public Records
• 1990-12-21 Sold (Public Records) $20,000 Public Records

Property tax history

+14.6%/yr

Latest (2024): $3,414 · +0.8% YoY. Source: county tax records.